Ukraine Spends Crypto Donations on Various War Equipments

Ukraine Spends Crypto Donations on Various War Equipments

  • A total of $6.9 million was then spent on armored vests.
  • It was reported by Elliptic that $5 million came from Polkadot co-founder Gavin Wood.

Yesterday, Ukraine’s Vice Prime Minister Mykhailo Fedorov detailed the use of $54 million in cryptocurrency contributions. The most expensive item was unmanned aerial vehicles (or drones), which tallied $11.8 million. A total of $6.9 million was then spent on armored vests, while $5.8 million was allocated to IT infrastructure and applications.

They claim that since Russia’s invasion of Ukraine started, over $54M has been contributed to cryptocurrency. Aid For Ukraine, a non-profit organization, coordinated the donations for the benefit of the Ukrainian military and humanitarian organizations. The organization was supported by the cryptocurrency exchange FTX, Everstake, Kuna, and the Ukrainian Ministry of Digital Transformations.

Crypto Playing Its Part

Since the beginning of the invasion, crypto has played a vital role by providing individuals all around the globe with a means to financially help the Ukrainian struggle. Bitcoin, Ethereum, and Polkadot addresses for contributions to “Stand with the people of Ukraine” were tweeted by the Ukrainian government on February 26. There was a total of $50 million in cryptocurrency contributions sent to the government a week later.

It was reported by Elliptic that $5 million came from Polkadot co-founder Gavin Wood, $200,000 came from a CryptoPunk, and $1.26 million came through the sale of an NFT by Julian Assange and digital artist Pak.

Aid for Ukraine received $2.5 million worth of Ethereum from Russian-Canadian Ethereum co-founder Vitalik Buterin, which the organization stated was sufficient for 31,000 medical kits, 364,000 medical supplies, and 585 radio kits and stations for the Ukrainian military.

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